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Indicates Matter Stricken
Indicates New Matter
S. 881
STATUS INFORMATION
General Bill
Sponsors: Senator Lourie
Document Path: l:\council\bills\ggs\22110zw11.docx
Introduced in the Senate on May 12, 2011
Currently residing in the Senate Committee on Finance
Summary: Entities in which local governments and political subdivisions are allowed to invest
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 5/12/2011 Senate Introduced and read first time (Senate Journal-page 4) 5/12/2011 Senate Referred to Committee on Finance (Senate Journal-page 4)
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 6-5-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ENTITIES IN WHICH LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS ARE ALLOWED TO INVEST, SO AS TO ALLOW LOCAL GOVERNMENT UNITS AND POLITICAL SUBDIVISIONS TO INVEST IN OBLIGATIONS OF A CORPORATION, STATE, OR POLITICAL SUBDIVISION DENOMINATED IN UNITED STATES DOLLARS, IF THE OBLIGATIONS BEAR AN INVESTMENT GRADE RATING OF AT LEAST TWO NATIONALLY RECOGNIZED RATING SERVICES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-5-10(a) of the 1976 Code, as last amended by Act 116 of 2007, is further amended by adding an appropriately numbered item to read:
"(9) Obligations of a corporation, state, or political subdivision denominated in United States dollars, if the obligations bear an investment grade rating of at least two nationally recognized rating services."
SECTION 2. This act takes effect upon approval by the Governor.
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